Bengaluru has seen stupendous growth over the years. It has been expanding radially, transforming several localities, once considered outskirts, to self-sustaining micro-markets within the city limits.
Real estate buyers are often warned that they must conduct a thorough due diligence before investing in any property, and that they should not rely solely on the verification process done by banks while they are processing a home loan request.
Siddharth Sharma, an aviation consultant, was looking to buy an apartment near New Delhi. Of the eight projects he viewed, developers of three expected part payment in cash, an illegal but common demand in India.
Acche din seem to have come for office properties.Demand for Grade A office space is rising in Bengaluru, Hyderabad, Kolkata and Mumbai, according to property consultant Jones Lang LaSalle India (JLL).
Debt-laden property developers are turning to deep discounts, free parking spots and even gimmicks like gifts of gold coins and motorbikes as they struggle to sell billions of dollars worth of as-yet unfinished homes.
Irrespective of class or income, Indians are fond of buying gold and real estate. Purchasing and selling the metal is a straightforward game but a property, through its lifecycle (buying, owning and selling), can be taxing.
Last year saw the real estate sector face its worst crisis in recent times. Delhi-NCR alone saw a steep decline of 28 per cent in the launch of new projects from the previous year as a consequence of subdued demand and high prices.